T-Mobile is buying spectrum from Verizon for $2.3 billion

T-Mobile is buying 700MHz A-block spectrum licenses from Verizon Wireless. The spectrum licenses make it possible to regulate radio frequencies to allow for wireless communication.
The deal was made in $2.365 billion in cash. The licenses are worth around $950 million and the low-band spectrums cover around 150 million people. T-Mobile will be able to increase their network coverage across the U.S. through the purchase.

“This is a great opportunity to secure low-band spectrum in many of the top markets in America,” stated John Legere, President and CEO of T-Mobile. “These transactions represent our biggest move yet in a series of initiatives that are rapidly expanding our already lightning fast network and improving its performance across the country. We will continue to find ways to advance our customers’ network experience just as our bold Un-carrier moves have shaken up the wireless industry to benefit consumers.”